 Or is the IPO market dead? Just look at shares of Snap and Blue Apron. Kevin Schultz is the chairman of Triad Securities and joins me now on set. So Kevin, what do you say? Are the problems with Snap and Blue Apron just company-specific or indicative of broader problems in the IPO market? I think it's very indicative of what's happening in the world, not just IPOs here, but all over the world. And one of the big problems is Blue Apron and Snap are not valued correctly. They're valued in coming out with private equity in people that want their cash. And that's the big problem. So where's the next step? What's Uber really worth? We don't know. Well, and is that why Uber and Airbnb, these unicorns, have sort of waited and sat on the sidelines? Well, the reason why, and that's part of the problem of the IPO market, is they don't need to be public to get more funding. So if they're already, if they're not, if they're a private company and they need money, they're just going out to private equity, they're going out to endowments. Everyone's investing in these companies. So they're getting their billions of dollars and they're kind of creating whatever market cap they want. And you also say there are fewer banks with capital markets operations now than say 25 or 30 years ago. Oh, big time. I mean, over the whole street, I mean, it used to be over 5,000 brokerage firms in this country about 20, 30 years ago. And you're probably under 2,000 now. So it's a big problem. I mean, a lot of consolidation, but there are a lot of small players that aren't able to stay in business because of the compliance that's in place. There are reports that Spotify is looking to list directly on an exchange, bypass the Wall Street banks all together. What does a potential move like that tell you about the IPO market? You know, if you have to go back to Google and where they had the auction, if you remember. So I know W.R. Hambrick and Mr. Hambrick were trying to bring auction back in and where that would come in and the people would kind of put it where they, you know, put their bids in where they wanted and that's how they would come. It wouldn't be banks making the prices. So I think that anything different might help if it works. Right now, what's going on is not working. And Hambrick, there's still big players in the IPO market. I wouldn't call them big. I mean, they still bring out deals from time to time. The original, you know, Hambrick and Quist was taken over along with Robbie Stevens, Montgomery, all those firms are now consolidated into some of the big banks that you know. The SEC chair, Jay Clayton, he has said he wants to scale back regulation to encourage more IPOs. What measures should he be taking in your view? The first thing, and as in the article that I wrote and the symposium that went on, I mean, I really believe that Glass-Steagall is an important part of what's going on here. I really think you need the separation of the banks and the investment banks and people, everyone talked about it beforehand. I mean, both sides, Republicans and Democrats brought it up that they would try to bring it back. And parts of Dodd-Frank are very difficult to get through. Does that make it harder for people to come public? I'm not quite sure. I don't think that is. I think that's part of the reasons, but I think it's harder to get investors to get people to follow their stocks and the volume dries up. And all of a sudden, no one's following it and if they don't do well enough, then they move into oblivion. And then you talk about penny stock problems of what's going on, which gets to the other problem of who's gonna trade these stocks. All right, certainly a story we'll continue to follow. Kevin Schultz, thanks for coming by with us. Thank you very much.